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NY: Insurers Can Use Social Media for Underwriting

The New York Department of Financial Services (NYDFS) is going to allow life insurers to use data from social media to set rates.
February 4, 2019

The New York Department of Financial Services (NYDFS) is going to allow life insurers to use data from social media and other non-traditional sources to set premium rates, if they can prove the information does not unfairly discriminate against certain customers.

New York is the first state to set specific guidance governing how life insurers use statistical and actuarial analysis to determine that any algorithms and data are free of bias against racial minorities and other groups protected by law. “Because this is a rapidly evolving area in insurance underwriting, it was important for the department to create general principles now,” said NYDFS Superintendent Maria Vullo.

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